HEAB >> Frequently Asked Questions

Nursing Student Loan Questions

How does a student apply for the Nursing Student Loan?

To apply for this loan, students must complete and file a FAFSA. They should then notify the financial aid office that they are interested in receiving a loan under the program.

 

How much may a student receive through this program?

There is a minimum loan of $250 and a maximum of $3,000 per school year. There is a cumulative total of $15,000.

 

Can this loan be forgiven?

This loan is forgiven at the rate of 25% in each of the first two years of full-time work as a nurse in Wisconsin, for a maximum of 50%.

 

When must a student repay this loan?

Borrowers go into repayment on the remaining 50% of the loan when the forgiveness period is completed. If the borrower does not practice as a nurse in Wisconsin upon graduation, the borrower will have a six month grace period and then repayment will begin on the outstanding balance.